Credit Performance | Auto Finance News - Part 2

Oregon CU Caps Loans at 84 Months Despite Consumer Demand for Longer Terms

Despite increasing customer requests for 96-month auto loans, Oregon Community Credit Union caps terms at 84 months, Ethan Nelson, Oregon Community Credit Union vice president of credit administration, told Auto Finance News. While indirect auto lending at the credit union has decreased in the past year, Nelson said the lack of 96-month financing was not […]

Anderson Brothers Says It’s on Target for Double-Digit Origination Growth

Anderson Brothers Bank, which operates 23 branches in South Carolina, is on track to increase auto loan originations 22.5% this year and as much as 20% in 2019, according to Micky Watts, the bank’s senior vice president of indirect lending. The bank specializes in subprime and near-prime loans. While larger banks in North and South […]

New-Car Interest Rates Climb Fastest on West Coast

New-car interest rates in the West have increased 112 basis points in the past year, the biggest jump for any region, according to Informa Research Services. Informa analyzes auto loan interest rates by region and credit tier for current-year and 1-year-old models. The national average interest rate for auto loans in the West increased to […]

Subprime Originations Expected to Grow in 2019 Despite Lender Caution, TransUnion Says 

Anticipated growth in originations to subprime borrowers is a sign that the auto industry is normalizing and will stay healthy in 2019, Brian Landau, senior vice president and TransUnion’s auto line of business leader, told Auto Finance News. Following a lender pullback from the subprime space in 2016 and 2017, subprime as a percent of […]

U.S.-China Tariffs, Credit Availability Threaten New-Car Market

Trade disputes and a tightening credit cycle pose risks for U.S. financial institutions, S&P Global Ratings noted in a report released earlier this month. “The hallmark of the auto finance industry is its access to credit and keeping the needle moving,” Jeremy Acevedo, manager of industry analysis at Edmunds, told Auto Finance News. “If [credit […]

Coastal Federal Credit Union Grows Originations Despite Shrinking Footprint

Coastal Federal Credit Union is on track to increase auto loan originations 10% this year, to $600 million, despite reducing its footprint within its home state of North Carolina. “We’re doing more business but doing it in a smaller area,” David Jacobs, vice president consumer lending at Coastal Federal Credit Union, told Auto Finance News. […]

Subprime Lender Tricolor Slated for Growth, Multiple Securitizations in 2019

Buy-here, pay-here lender Tricolor Auto Acceptance LLC, a niche player that focuses on Hispanic car buyers, is on track to issue at least two asset-backed securitizations in 2019, Chief Executive Daniel Chu told AFN. Though Chu declined to disclose the size of the potential transactions, he expects the offerings to outpace the $101.7 million securitization […]

Rifco Expands Warehouse Facility Despite Slowing Originations

Rifco National Auto Finance renewed and expanded a securitization warehouse facility with Schedule 1 Charter Bank last week. Though Rifco’s utilization limit was bumped up to $40 million from $30 million, the Canadian lender plans to keep originations in the $120-million range, as stated in its 2019 objectives. “Rifco pursues growth within constraints of profitability […]
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